Dogecoin Skyrockets Jaw-Dropping 1.3 Billion DOGE in Crucial Whale Metric
Release: 2024/08/07 23:59 Reading: 382
Dogecoin Whale Activity Turns Bullish: Large Holder Netflow Signals Shift
Recently, a significant shift in Dogecoin's whale activity has occurred, with the Large Holders Netflow indicator transitioning from bearish to extremely bullish within 24 hours.
Market Volatility and Dogecoin
The crypto market has experienced significant volatility this week, with coin prices fluctuating sharply within hours. This has led to substantial swings in the TOTAL index, which reflects the combined market capitalization of all cryptocurrencies.
DOGE Whale Netflow Spikes
Dogecoin has also witnessed similar fluctuations. IntoTheBlock's on-chain data reveals a sharp decline in the net flow of large holders on August 5th, reaching -641.69 million DOGE.
However, a mere 24 hours later, this metric surged dramatically, propelling the large holder netflow to a new high of 664.82 million DOGE. This surge represents a significant influx of DOGE into the wallets of large holders, a bullish signal.
Inflow and Outflow Patterns
Separate charts for inflows and outflows corroborate this trend. Inflows have increased while outflows have declined. Notably, both inflows and outflows spiked within the 24 hours between August 4th and 5th, indicating a potential redistribution of Dogecoin capital among the largest market participants.
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